BEST OF THE BROKERS September 2, 2009 ARRIVANomura downgraded its 2009 earnings estimates for Arriva, but upgraded its estimates for 2010, saying 2009 “looks set to be the earnings low point”. The broker said that the first half results highlighted a solid performance across divisions, and has a “neutral” stance on the stock with a price target of 473.4p. JD WETHERSPOONInvestec said [...]
Rothschild to launch fund September 2, 2009 ROTHSCHILD, the fabled family-owned lender, is understood to be ready to raise a €500m (£434m) fund and has drafted in chairman David de Rothschild’s son to help launch it. Alexandre de Rothschild has joined the bank from Argan Capital – the former European private equity division of Bank of America – to provide support to [...]
Derivatives bodies urge caution ahead of regulatory crackdown September 2, 2009 REPRESENTATIVES of the derivatives industry have urged the European Union to water down its plans to standardise and centrally clear over-the-counter contracts. A group of three industry bodies told the European Commission (EC) that “initiatives that would seek to standardise the terms of all OTC contracts are counterproductive”. The trio, comprising the International Swaps and [...]
CAR BOMB ROCKS ATHENS STOCK EXCHANGE September 2, 2009 A POWERFUL car bomb blew up outside the Athens stock exchange yesterday, slightly wounding one woman, in what Greek police suspect was the latest attack by leftist or anarchist groups. The Athens bourse opened normally despite suffering extensive damage. Eight vehicles nearby were set ablaze.
CITY MOVES WHO’S SWITCHING JOBS September 2, 2009 Anthony GoldLaw firm Anthony Gold has appointed Margaret Hatwood, pictured, to join its London Bridge office as an associate in the Family Team. Hatwood, listed in the Legal 500, joins from Thomas Eggar where she has built a reputation acting for many high net worth clients, particularly from the legal, banking and financial industry, and [...]
Growth Down Under above expectations September 2, 2009 AUSTRALIA’S economy outpaced the rest of the developed world in the second quarter according to official data released yesterday, which showed that its economy grew 0.6 per cent in the second quarter compared to the same period in 2008. On average, economists had expected a rise of just 0.2 per cent and first-quarter GDP growth [...]
Maersk shares slump as it unveils fast track fundraising to build a war chest September 2, 2009 DANISH shipping and energy group Maersk yesterday saw its shares tumble after it unveiled an accelerated share sale valued at 9.2bn krone (£1.1bn) to build a war chest for acquisitions. Shares of the firm, which owns the world’s biggest shipper Maersk Line, shed over eight per cent yesterday, falling to 33.9 krone. This came after [...]
Pfizer is fined record $2.3bn September 2, 2009 THE US drugs giant Pfizer yesterday agreed to plead guilty to a criminal charge relating to promotion of its now-withdrawn Bextra pain medicine.The group said it would pay a record $2.3 bn (£1.61bn) to settle allegations it improperly marketed 13 medicines. The world’s biggest drugmaker was slapped with the huge fines after being deemed a [...]
Activists lose key vote in fight against Sovereign September 2, 2009 SOVEREIGNReversions has survived its no-holds-barred fight against a group of activist shareholders, after they lost a controversial vote to oust the property investment fund’s board. The rebels planned to install Countrywide chairman Harry Hill as head of the fund and to sell off its assets to deliver instant income to investors, but only gained the [...]
Wells Fargo to pay back Tarp money from profits September 2, 2009 WALL Street bank Wells Fargo said yesterday that it would soon be able to repay the $25bn (£15.4bn) in Troubled Asset Relief Programme (Tarp) funding it took from the US government without resorting to a share offering. The bank, America’s fourth largest with $1.25 trillion in assets, said it would repay the bailout money from [...]
